Eurozone unemployment stagnates at 10.1 per cent

Unemployment in the eurozone remained unchanged in June at 10.1 per cent, its lowest level in five years, new data showed Friday.

The European currency union has made some progress in whittling down its jobless rate since it hit a record 12.1 per cent in 2013, but many still consider it to be unacceptably high.

The number of people out of work in the eurozone did decrease by 37,000 from May to June, but the drop was not enough to alter the seasonally adjusted unemployment rate, the EU statistics agency Eurostat said. Analysts had expected it to edge down to 10 per cent.

A total of 16.3 million people were out of work in the 19-country eurozone in June. Just under 3 million of them were under the age of 25, leading to a youth unemployment rate of 20.8 per cent.

Malta, the Czech Republic and Germany recorded the lowest jobless rate, with overall unemployment at around 4 per cent. Malta and Germany also posted the lowest youth unemployment at around 7 per cent.

Greece and Spain, meanwhile, continued to report the highest figures, with overall unemployment around 20 per cent and youth unemployment above 45 per cent. But Spain was among the countries that in June posted the largest year-on-year decrease in overall unemployment.

In Italy, meanwhile, youth unemployment fell to 36.5 per cent, the lowest since October 2012, but the overall unemployment rate edged up to 11.6 per cent. The country passed major labour reforms last year.

In the wider, 28-country European Union, unemployment remained unchanged at 8.6 per cent, its lowest level in more than seven years.

Last update: Fri, 29/07/2016 - 12:45

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